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2019 (9) TMI 1359 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - main contention of the respondent is that the alleged claim is not in the nature of financial debt - existence of debt and dispute or not - HELD THAT:- The application filed by the applicant financial creditor under sub-section 5 (a) of Section 7 of the code, has to be admitted on satisfaction that: I. Default has occurred. II. Application is complete, and III. No disciplinary proceeding against the proposed IRP is pending. The present application is complete in all respect and that no disciplinary proceeding against the proposed IRP is pending. We are also satisfied that the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt - in terms of section 7 (5) (a) of the Code, the present application is admitted. Application admitted - moratorium declared.
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